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    June 4, 2024

    Locking the Virtual Vault: Empowering Financial Institutions

    Because financial institutions play a crucial role in the well-being of their communities, they must prioritize the security of their customers' sensitive information and financial assets. In today’s atmosphere of security threats and increasingly complex compliance requirements, these organizations need a proactive, multi-layered approach to safeguarding their digital infrastructure.

    According to the 2023 Cost of a Data Breach Report by IBM and the Ponemon Institute, the average cost of a data breach in the financial industry reached $5.9 million, highlighting the importance of effective cybersecurity measures. If that weren’t intense enough, financial institutions must navigate a complex web of compliance frameworks, including PCI DSS, FFIEC, FTC, and NYDFS, while also adhering to the National Credit Union Administration (NCUA) requirements for federally insured credit unions.

    Infographic: The Financial Institution’s Cybersecurity Journey

    Strengthen Your Cybersecurity Posture

    These three key strategies will help financial institutions strengthen your cybersecurity posture:

    1. Invest in end-user training: By empowering employees and customers with the knowledge and skills to identify and report potential threats, such as phishing emails and suspicious text messages, financial institutions can reduce the risk of human error and foster a culture of security awareness. This helps to create a strong first line of defense against cyber threats.
    2. Implement cost-effective monitoring tools: Tools like System Monitor (Sysmon) provide valuable insights into an organization's IT environment by recording events such as network connections, process creations, and changes to the Windows Registry. This enhanced visibility enables IT teams to detect and respond to potential threats more effectively, without the need for significant investments in expensive monitoring solutions. For small and medium-sized institutions, this can be a game-changer, allowing you to improve your cybersecurity posture while working within budget constraints.
    3. Utilize comprehensive threat detection and response solutions: These solutions are designed to alert IT and security teams to suspicious behavior, allowing you to respond quickly and minimize the impact of a potential breach. By automating many of the manual processes associated with threat hunting and analysis, these solutions can help smaller IT teams achieve more with existing resources.

    You may also find it useful to review common security mistakes.

    With the right strategies and partners in place, financial organizations can protect valuable assets, maintain customer trust, and continue to play a vital role in their communities.

    Blumira Helps IT Teams

    Blumira's advanced threat detection and response platform is specifically designed to help small and mid-market financial organizations overcome these cybersecurity challenges. With user-friendly interface, cost-effective pricing, and automated security operations, Blumira empowers IT teams to detect and respond to threats without the need for extensive security expertise or large investments. The platform's comprehensive coverage and vendor-agnostic integrations provide enhanced visibility across complex, hybrid environments, while its automated logs and one year of data retention help financial institutions meet critical compliance requirements.

    "Blumira is really easy to understand – you don't need a degree to be an expert to operate and understand what the system is doing. It provides a lot of value for the cost, including all of the features you get and having one centralized area to send everything to detect very quickly; we can easily track what's happening, what's being affected, and how to mitigate. It makes our response time really quick." -- Keith Knisely, Assistant VP/IT Specialist at SouthTrust Bank

    One of the key benefits of partnering with Blumira is access to our trusted security advisors. Responsive, expert guidance on onboarding, management, new integrations, and incident response triage and investigation is available to customers. This support acts as an extension of the existing IT team, providing the knowledge and resources needed to stay secure.

    For more information, read 3 Ways Blumira Benefits Modern Financial Services Organizations, and the Greenleaf Trust customer story.

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